# Post-Crisis Cumulative Output Loss

| Variable | M4: Z → Output Loss | M5: Age → Output Loss | M6: Z + Controls |
|:---|---:|---:|---:|
| Z_1 | -77.2681*** | | -72.8306** |
| | (25.3641) | | (31.9120) |
| Z_2 | 12.7648*** | | 11.9739** |
| | (3.9296) | | (5.0005) |
| Z_3 | -0.5621*** | | -0.5246** |
| | (0.1635) | | (0.2097) |
| old_dep | | -51.7803*** | |
| | | (13.3672) | |
| youth_dep | | -1.0501 | |
| | | (3.6470) | |
| rgdp_growth | | | 0.0213 |
| | | | (0.1157) |
| kaopen | | | -0.6718 |
| | | | (0.4895) |
|:---|---:|---:|---:|
| N | 144 | 144 | 123 |
| R² | 0.2762 | 0.2393 | 0.2873 |
| Countries | 144 | 144 | 123 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*